Bucks County Asset Division Attorney

Tuesday, 30 July 2024

Marital property generally includes the property that either spouse acquires during the marriage or acquires with funds earned during the marriage. As with any other asset subject to the equitable division law, a Judge will look at the amount of the debt, how and when it was incurred, and applies a number of factors in determining each spouse's financial responsibility. The court will consider many factors when determining how property should be distributed between spouses. All actions for child support, spousal support, and alimony pendente lite in Bucks County start with the filing of either a Bucks County Support Complaint or a formal motion to modify an already existing support order. Going through a divorce can be difficult enough, but having an attorney familiar with these issues to protect your interests in a Property/Marital Settlement Agreement can help to make the divorce process easier for all parties involved. Doylestown Property Division Attorney | Bucks County Equitable Distribution Lawyer | New Hope PA Settlement Agreement. Some of the most common marital debts include the following: - Mortgages.

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Additional Issues with Property Division. In addition to telling the other party about these assets, and learning from the other party that these assets exits, you also have the right to receive all of the documentation that would prove the asset's value, like bank statements, valuation reports, trust documents, wills, etc. Courts and divorce lawyers encourage reconciliation efforts. A custody evaluator is often a psychologist or social worker. Within these two main categories, there are special terms that the family courts use to describe various custody agreements and orders of court. If you reach an agreement at the Masters Hearing, that agreement will be read to a Court Reporter, who will record the agreement as a Court Transcript. This is one of the biggest Myths of Bucks County Divorce Cases. Partial physical custody – Partial physical custody allows a parent to take temporary physical custody of their child for a limited amount of time. The current divorce Code introduced the two "no-fault" grounds to obtain a divorce decree: 1) Consent or 2) Separation (initially the Code required a 2 year separation, but now the Code only requires a 1 year separation. ) To learn more, call or contact our office today to schedule a consultation. Bucks county asset division attorney fees. How a Consent Divorce Works in Bucks County, PA. After the Complaint is served (via Certified Mail, to an attorney, or hand delivery), the parties must wait at least 90 days before they can sign the Consent Affidavit agreeing to be divorce. In some cases, alimony can be for an indefinite term.

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When two parents are going through a divorce or they simply do not reside together, they will usually need to address child custody either by coming to an agreement between them or by asking the court to make a decision regarding child custody. For this reason, a court will not issue the decree in divorce until after marital property division and distribution is complete. Loan payments and debts. Distinguishing what's rightfully yours. It is important to understand and utilize accepted valuation techniques in assessing the value and tax ramifications of each marital asset so that the marital property may be divided in a manner advantageous to the client. The court will consider many factors when determining what is a fair and equitable distribution of property. So you should discuss any issues with these marital assets with a Bucks County or Montgomery County divorce lawyer in detail. In some circumstances, it allows a court to award alimony to a former dependent spouse. Bucks county asset division attorney directory. However, analyzing what part of retirement is considered marital can be complicated. Talk to Our Office Now. Briefly, the statute contains 11 factors that the court is to consider in dividing property.

Bucks County Asset Division Attorney Directory

For mortgage loans, one option is for a spouse to refinance the mortgage. Divorce can be an emotionally, legally, and financially complex process, especially if the divorcing spouses have young children, share considerable debts or assets, or disagree about matters such as alimony, custody, or property division. After the court has considered the factors listed above and all other relevant factors contained in Section 5328 of Pennsylvania's family law statutes, it must make a custody award. A post-nuptial agreement can be especially effective if you expect to or experience substantial increases in income, property and inheritances during your marriage. If exceptions are filed, the recommendation will become a temporary order, and will remain in effect until the Judge gives a final order. Bucks county asset division attorney portal. Economic disparity/incomes of the parties. If you are not able to settle your matter, then the first step to resolving your case in Bucks County is to request a Masters Hearing. Likewise, a pre-marital asset may have a marital component if these assets grow in value, such that the growth will be the marital value. If you are going through a divorce in Bucks County, you need dedicated legal support from a skilled, compassionate, and experienced family law attorney who will stand by your side and aggressively protect your rights as a parent, a property owner, or both. However, when considering things like retirement accounts, the court is able to distribute portions of those accounts to either spouse, regardless of who holds title to the account.

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So, let's say one spouse has a retirement account with a value of $100, 000. If either party disagrees with the Recommendation, Exceptions to the Hearing Officer's Recommendation can be filed within 20 days. However, any increase in value during the marriage would be divided equitably. In Bucks County and throughout Pennsylvania, divorces are also categorized as either fault divorces or no-fault divorces. Equitable Distribution. Unfortunately, in some cases, the Act's provisions have been "abused" by attorneys and lawyers and their clients who falsely allege physical abuse to exclude a spouse from a marital home without justification. A carefully documented Agreement can save a party an inordinate amount of future money and time in Court proceedings involving custody, support and distribution of assets.

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What Does "Separate and Apart" Mean? Separate property may have been acquired before marriage or after legal separation. We help you understand what assets you have, what your future needs will be and how to divide property in your best interests, taking everything into consideration: - The marital home and other real estate. Generally, the purpose of alimony is to ensure a spouse's reasonable needs are met. This is also sometimes referred to as 'full custody. Types of Property in a Marriage. If the parties can't agree on the level of interim support through negotiation, the dependent spouse may file a complaint or petition requesting that the court determine the amount. Bucks County Property Division Lawyer | High Asset Divorce. In situations in which our clients own a business in common we bring in forensic accountants to evaluate the value of that business. However, to avoid penalties for tax underpayments, the recipient spouse should make quarterly estimated tax payments to the Internal Revenue Service. The "discovery" process is the process of exchanging information with your spouse about the assets each of you acquired during the marriage.

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A family law judge is not likely to agree, especially because Pennsylvania is a no-fault jurisdiction. Social Security Benefits. Upon separation, any property addressed within these documents will be divided according to the agreement. Uncontested Divorce. The easiest way to prove separation while the parties remain in the same residence is for one party to file for divorce and have service made to the other. Unfortunately, very often, marriages break down. Susan Gibson ensures the court gets all that's necessary to distribute property fairly. The Complaint in Divorce would have only asked the Court to divorce the parties once the "Grounds for Divorce" were established under the criteria discussed above.

In Pennsylvania, separation is defined as the date when the parties make it known to each other that they are going to separate. An initial question in every case is what is the "non-marital property" (or separate property) excluded from equitable distribution. The majority of cases never reach this level. After reading this divorce guide, we hope you are more informed of the immediate concerns. It is sometimes difficult to follow a specific schedule in partial custody matters. Both parties, as well as their attorneys, will sign. Typically, courts remain neutral if half of the liquid assets are secured.

In addition, statutory child support guidelines determine recommended support amounts. If negotiation fails to reach an agreement, obtaining child support follows much the same course as getting support for a spouse. The following is an oversimplification but will help to give you a clearer idea of the general divorce process in Pennsylvania. The Judge's decision becomes the final decision if neither party asks for any further review or appeal by a higher court. Unlike spousal support, courts grant alimony pendente lite to enable the dependent spouse to maintain or defend the divorce action without being placed in a financially disadvantageous position. Understanding the Pennsylvania Divorce Process. A divorce attorney typically can be an objective party. Before the 1980 Divorce Code, under common law partition, during the marriage, neither spouse should exclude the other from the use and enjoyment of jointly-owned property, including real estate, bank accounts, etc. Marital assets (also referred to as "marital property") can include homes, real estate, cars, furniture, businesses owned by the spouses, jewelry, art, investments and retirement accounts. For example, if you intend on getting a no-fault divorce, there must be an "irretrievable breakdown, " explained below, of the marriage.

After all assets and debts of the couple have been identified as separate, marital, or commingled the distribution of property in a divorce can begin. Retain the assets you cherish most. If you are facing divorce, your biggest worry is how it will affect your future. Of the parties have been resolved by agreement or court order. If the spouse agrees that the parties have been separated for a year, then after two waiting periods of 20 days each, the party who filed the Separation Affidavit can ask the Court to acknowledge the 1 Year Separation as "Grounds for Divorce". Such actions that are grounds for divorce in Pennsylvania include: - Spousal abandonment of at least one year or more. But our divorce lawyers wanted to cover some core insights that may prove beneficial. Like child support, spousal support is driven by income and earning capacity.

A spouse's court-ordered obligation to pay alimony to their former spouse terminates under the Divorce Code if the recipient enters into cohabitation with a person of the opposite sex, remarries, or dies. With decades of combined legal experience as our foundation, we can help you understand and guard against any potential risks. The grounds for divorce must be granted. All assets and debts are distributed equitably in Pennsylvania. If so, call or contact Kardos, Rickles & Hand today to schedule a consultation of your case. Legal Custody in Pennsylvania. After the evaluation process is complete, the evaluator submits a recommendation to the court and the parties' attorneys.